Interstate Battery System of America, Inc. Key Developments

Aqua Metals, Inc. announced the signing of definitive agreements with Interstate Batteries. Upon the closing of these agreements, Interstate Batteries has agreed to supply more than a million automotive and other lead-acid batteries as feedstock for Aqua Metals’ AquaRefineries. This partnership will start with Aqua Metals’ first AquaRefinery, which will be located in Nevada’s Tahoe-Reno Industrial Complex (TRIC) and is set to open in July 2016. Interstate Batteries will also make a strategic investment of approximately $10 million into Aqua Metals. Interstate Batteries’ $10 million strategic investment into Aqua Metals will be in the form of common stock, a fixed-price note that converts into common stock, and two cash warrants to purchase common stock over the next three years. Concurrent with all of these agreements with Interstate Batteries, Aqua Metals signed definitive agreements with various institutional and individual accredited investors to raise additional gross proceeds of approximately $5.1 million in a private placement of common stock. National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc., acted as sole placement agent for the additional $5.1 million investment. The Liquid Venture Partners group at National Securities Corporation was primarily responsible for the sourcing and execution of that portion of the investment. All of these agreements are expected to close on or before May 23, 2016, subject to customary closing conditions.

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